Bitcoin Transaction Volume Plummets By 30%, What’s Causing the Drop?

According to CoinMetrics.io, the recent fall in Bitcoin’s transaction count has coincided with the end of VeriBlock’s testnet phase. Reports indicate the little-known startup is responsible for a significant number of BTC transactions. This raises concerns over its use of the Bitcoin network.The recent collapse in BTC transaction count seems to correlate with the end of the Veriblock testnet (on March 4th) which was accounting for 20-30% of BTC transactions https://t.co/vguXa1mTa8 pic.twitter.com/DV43AICrw4— CoinMetrics.io (@coinmetrics) March 11, 2019Is VeriBlock Responsible For Falling Bitcoin Transactions?According to VeriBlock’s self-published figures, during the active testnet phase, they were responsible for between 25-45% of Bitcoin’s transaction count. Since testing ended on the 4th March, Bitcoin’s daily transaction count has fallen by 21%, leading many to draw parallels.

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